At a time when global life expectancy continues to rise, fertility is falling, and countries are experiencing population decline, the World Economic Forum’s new principles of longevity economics are not only timely, they are essential. These principles are designed not only to meet the demanding needs of future situations, but also to prepare for the opportunities that present themselves through a new era of longevity and generational rebalancing. In the next society, countries and corporations will need their staff and employees to have three interrelated core competencies: monetary resilience, healthy aging. and social inclusion.
Haleh Nazeri, director of the Longevity Economics Forum, is the driving force behind those principles. She notes in a 4-Quarter Lives podcast that there are two tactics for approaching the longevity economy: one as a crisis to be controlled and the other as an opportunity to be exploited. She strongly promotes the latter. “This longer life expectancy gives us the chance to improve and innovate the way we’ve controlled things for a century,” she says. “Everything from our pensions and pension systems to the way we work and even the way we think about our health and our friendships. »
These roadmaps for the arrival of the “second billion” (additional number of people over 60 years of age in the world until 2050) indispensably accompany an unprecedented human rebalancing. This demographic shift demands a reassessment of how we approach aging and longevity. The principles of longevity economics provide a strategic framework that addresses key spaces such as monetary stability, health, schooling, and social connections.
Six principles for your strategic redesign:
These six principles have been derived from leading personal and public sector organizations in various sectors. More than 35 establishments have signed up, including Mercer, Manulife, BlackRock and the European Commission. These organizations are taking concrete steps, such as designing age-based pricing propositions for workers and offering cutting-edge monetary products for an aging population.
A clever complement to the WEF consultant is the 10-Point Charter recently published through the Landoy Club in France, where the country’s most sensible CEOs came together to publish lines of advice on how to proactively integrate and expand their over-50 workforce. Academic institutions such as The Stanford Center on Longevity’s The New Life Map and MIT’s AgeLab, as well as organizations such as the Global Coalition on Aging, are integrating those principles into their studies and advocacy efforts. This multi-sectoral technique ensures a comprehensive strategy that addresses the facets of aging.
The longevity economy is here and it’s reshaping our world. ” Helping others become financially resilient in their lives will require a collaborative effort from the public sector, the personal sector, and civil society,” says Nazeri. The work is just beginning, but it will need to be accelerated in the coming years. “
The WEF’s Longevity Economics Principles provide a roadmap for dealing with this new reality. By fostering monetary resilience, promoting healthy ageing and addressing inequality, countries and companies can build a long term in which a longer life means a better life.
Adapting to this new era of longevity will require rethinking systems to help all generations. By working together, we can ensure that everyone has the opportunity to live a healthy, financially secure, and functional life, no matter how long it lasts.
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